Economy

IMF Backs Diversification Of Nigeria’s Economy

BY NKECHI NAECHE ESEZOBOR IN WASHINGTON DC—The International Monetary Fund (IMF) on Thursday identified three areas that needs to be tacklle by Nigeria government in order to improve the econmy of the country.

The managing Director of IMF, Ms. Kristalina Georgieva disclosed this during a press conference at the ongoing World Bank/IMF annual meetings in Washington DC.

She called on Nigeria govetnment to focus on fiscal capacity; diversification of the economy and end the issue of corruption.

She said ” As you know, the tax collection levels in Nigeria leave quit a lot of room for improvement and without Steenghtening the fiscal position of the government, the expenditure side, of course, would suffer; so the recommendations that we always give is that countries should for 15 percent of GDP in terms of collection to fundvthe responsibilities of the government, and in Nigeria this is still quit far. If am not wrong we are still in single-digit territory.

” Secondly, we have been consistently recommending the country diversify the economy becsuse reliance on oil does not setve very well, and that means to continue with structural reforms that would maje thst possible.

” We believe that to fight corruption and to make sure that the richest of Nigetians serves Nigerians inside the country; and in that regard.”

She said that last year IMF adopted a very clear, strong policy on anti-corruption, and they engaged with the governments to build their capacity to make that serving the citizens of the country with the money of the country possible.

She explained further that Nigeria natters to the continent and when Nigeria does well, Africa does well.

“But however what we see is that economy recovery remains still too slow to reduce vulnerabilities, and most importantly, to reduce poverty in the country.

She urged the new dispensation of the government to shake up economic policy.

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